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So in economic news it was a generally good week. Trucking data, mortgage delinquiencies, and industrial production all came in strong, and the New York Fed’s GDP Nowcast (generally more reliable than the Atlanta Fed’s GDPnow) is predicting 2.7% growth in Q1. This was backed by strong readings from the Philly Fed index, existing home sales, and a continued strong job market.
Portfolio wise it was a pretty quiet week. Not much buying on our part, other than the flash crash on NRZ which plunged 13% on a large sale from someone on no news. Of course we took advantage of that.
The coming week is going to be very hot, with tons of news, opportunities and risks, including: market reaction to the French Presidential primary (Marcon and Le Pen are the projected winners, which is what the market was hoping for), Q1 GDP figures (intial reading), Wed’s release of Trump’s tax reform plan, 2 statements from leading Fed members, and 190 major earnings reports.
Could be a volatile week ahead, which of course is great for us as it means hopefully lots of buying opportunities.